Anika Reports Fourth Quarter and Full Year 2024 Financial Results
Anika Therapeutics (NASDAQ: ANIK) reported Q4 2024 revenue of $30.6 million, up 1% year-over-year, with full-year 2024 revenue at $119.9 million, down 1% from 2023.
The Commercial Channel showed strong performance with 25% growth in Q4 and 17% annual growth, driven by the Integrity Implant System (>40% sequential growth) and International OA Pain Management. The OEM Channel declined 8% as expected.
Key highlights include:
- Over 300 Integrity surgeries performed in Q4, totaling 1,000+ globally since launch
- Filed second PMA module for Hyalofast with US launch anticipated by 2026
- Completed sale of Parcus Medical to focus on core HA products
- Completed $15M share repurchase program ahead of schedule
For 2025 guidance, Anika expects Commercial Channel revenue growth of 12-18% ($47-49.5M) and OEM Channel revenue decline of 12-18% ($64-68.5M). Adjusted EBITDA margin is projected at 8-10%.
Anika Therapeutics (NASDAQ: ANIK) ha riportato un fatturato per il Q4 2024 di 30,6 milioni di dollari, con un aumento dell'1% rispetto all'anno precedente, e un fatturato totale per l'anno 2024 di 119,9 milioni di dollari, in calo dell'1% rispetto al 2023.
Il Canale Commerciale ha mostrato una forte performance con una crescita del 25% nel Q4 e del 17% su base annua, trainata dal Integrity Implant System (>40% di crescita sequenziale) e dalla gestione del dolore OA internazionale. Il Canale OEM ha registrato un calo dell'8% come previsto.
I punti salienti includono:
- Oltre 300 interventi chirurgici con Integrity effettuati nel Q4, per un totale di oltre 1.000 a livello globale dalla sua introduzione
- Presentata la seconda modulazione PMA per Hyalofast con lancio negli USA previsto entro il 2026
- Completata la vendita di Parcus Medical per concentrarsi sui prodotti HA core
- Completato il programma di riacquisto di azioni da 15 milioni di dollari con anticipo rispetto al programma
Per le previsioni del 2025, Anika prevede una crescita del fatturato nel Canale Commerciale del 12-18% (47-49,5 milioni di dollari) e un calo del fatturato nel Canale OEM del 12-18% (64-68,5 milioni di dollari). Il margine EBITDA rettificato è previsto tra l'8% e il 10%.
Anika Therapeutics (NASDAQ: ANIK) reportó ingresos del Q4 2024 de 30.6 millones de dólares, un aumento del 1% interanual, con ingresos totales para el año 2024 de 119.9 millones de dólares, una disminución del 1% respecto a 2023.
El Canal Comercial mostró un fuerte desempeño con un crecimiento del 25% en el Q4 y un crecimiento anual del 17%, impulsado por el Integrity Implant System (>40% de crecimiento secuencial) y el manejo del dolor OA internacional. Se esperaba una disminución del 8% en el Canal OEM.
Los aspectos destacados incluyen:
- Más de 300 cirugías de Integrity realizadas en el Q4, totalizando más de 1,000 a nivel global desde su lanzamiento
- Se presentó el segundo módulo PMA para Hyalofast, con lanzamiento en EE. UU. anticipado para 2026
- Se completó la venta de Parcus Medical para centrarse en los productos HA centrales
- Se completó el programa de recompra de acciones de 15 millones de dólares antes de lo previsto
Para las proyecciones de 2025, Anika espera un crecimiento de ingresos del Canal Comercial del 12-18% (47-49.5 millones de dólares) y una disminución de ingresos del Canal OEM del 12-18% (64-68.5 millones de dólares). Se proyecta un margen EBITDA ajustado del 8-10%.
아니카 테라퓨틱스 (NASDAQ: ANIK)는 2024년 4분기 수익이 3,060만 달러로 전년 대비 1% 증가했으며, 2024년 연간 수익은 1억 1,990만 달러로 2023년 대비 1% 감소했다고 보고했습니다.
상업 채널은 Integrity Implant System의 40% 이상의 분기 성장과 국제 OA 통증 관리에 힘입어 4분기 25% 성장과 연간 17% 성장을 기록하며 강력한 성과를 보였습니다. OEM 채널은 예상대로 8% 감소했습니다.
주요 하이라이트는 다음과 같습니다:
- 4분기에 300건 이상의 Integrity 수술이 시행되었으며, 출시 이후 전 세계적으로 1,000건 이상이 수행되었습니다.
- 2026년까지 미국 출시가 예상되는 Hyalofast의 두 번째 PMA 모듈을 제출했습니다.
- 핵심 HA 제품에 집중하기 위해 Parcus Medical의 판매를 완료했습니다.
- 예정보다 앞서 1,500만 달러 규모의 자사주 매입 프로그램을 완료했습니다.
2025년 가이던스에 따르면, 아니카는 상업 채널 수익이 12-18% 성장할 것으로 예상하며 (4,700만-4,950만 달러), OEM 채널 수익은 12-18% 감소할 것으로 예상하고 있습니다 (6,400만-6,850만 달러). 조정된 EBITDA 마진은 8-10%로 예상됩니다.
Anika Therapeutics (NASDAQ: ANIK) a annoncé un chiffre d'affaires pour le Q4 2024 de 30,6 millions de dollars, en hausse de 1% par rapport à l'année précédente, avec un chiffre d'affaires total pour l'année 2024 de 119,9 millions de dollars, en baisse de 1% par rapport à 2023.
Le Canal Commercial a montré une forte performance avec une croissance de 25% au Q4 et une croissance annuelle de 17%, soutenue par le Integrity Implant System (>40% de croissance séquentielle) et la gestion de la douleur OA internationale. Le Canal OEM a enregistré une baisse de 8% comme prévu.
Les points saillants incluent:
- Plus de 300 interventions chirurgicales avec Integrity réalisées au Q4, totalisant plus de 1 000 à l'échelle mondiale depuis son lancement
- Dépôt du deuxième module PMA pour Hyalofast, avec un lancement aux États-Unis prévu d'ici 2026
- Vente de Parcus Medical finalisée pour se concentrer sur les produits HA de base
- Programme de rachat d'actions de 15 millions de dollars achevé en avance
Pour les prévisions de 2025, Anika s'attend à une croissance des revenus du Canal Commercial de 12 à 18% (47-49,5 millions de dollars) et à une baisse des revenus du Canal OEM de 12 à 18% (64-68,5 millions de dollars). La marge EBITDA ajustée est prévue entre 8% et 10%.
Anika Therapeutics (NASDAQ: ANIK) berichtete im Q4 2024 einen Umsatz von 30,6 Millionen Dollar, ein Anstieg um 1% im Vergleich zum Vorjahr, mit einem Gesamtumsatz für das Jahr 2024 von 119,9 Millionen Dollar, was einem Rückgang von 1% im Vergleich zu 2023 entspricht.
Der kommerzielle Kanal zeigte eine starke Leistung mit einem Wachstum von 25% im Q4 und einem jährlichen Wachstum von 17%, angetrieben durch das Integrity Implant System (>40% sequenzielles Wachstum) und internationales OA-Schmerzmangement. Der OEM-Kanal fiel wie erwartet um 8%.
Wichtige Höhepunkte sind:
- Über 300 Integrity-Operationen im Q4 durchgeführt, insgesamt über 1.000 weltweit seit der Einführung
- Zweite PMA-Modul für Hyalofast eingereicht, mit US-Start bis 2026 erwartet
- Verkauf von Parcus Medical abgeschlossen, um sich auf die Kern-HA-Produkte zu konzentrieren
- 15-Millionen-Dollar-Aktienrückkaufprogramm vorzeitig abgeschlossen
Für die Prognose 2025 erwartet Anika ein Umsatzwachstum im kommerziellen Kanal von 12-18% (47-49,5 Millionen Dollar) und einen Umsatzrückgang im OEM-Kanal von 12-18% (64-68,5 Millionen Dollar). Die bereinigte EBITDA-Marge wird auf 8-10% geschätzt.
- Commercial Channel revenue grew 17% in 2024
- Integrity Implant System achieved >40% sequential growth for three consecutive quarters
- International OA Pain Management grew 22% in Q4 and 16% for full year 2024
- Completed $15M share repurchase program ahead of schedule
- Maintained strong balance sheet with $56M cash and no debt
- Full year 2024 total revenue decreased 1% to $119.9M
- OEM Channel revenue declined 8% in 2024
- Net loss from continuing operations of $8.8M in 2024
- 2025 guidance projects 12-18% decline in OEM Channel revenue
- Adjusted EBITDA margin guidance lowered to 8-10% from previous low double digits
Insights
Anika's Q4 results reflect successful execution of its strategic pivot, with $30.6 million in quarterly revenue (+1% YoY) and $119.9 million for full-year 2024 (-1% YoY). The results align with guidance and reveal a company in transition. The Commercial Channel's 25% Q4 growth and 17% full-year growth demonstrate the effectiveness of Anika's refocused strategy on high-potential HA products. Particularly impressive is the Integrity Implant System's 40%+ sequential growth for three consecutive quarters, capturing over 1% of US soft tissue augmentation procedures shortly after full market release.
The company's strategic divesting of non-core assets (Parcus Medical and previously Arthrosurface) represents a disciplined capital allocation approach to concentrate resources on higher-return opportunities. With $55.6 million cash and no debt, coupled with completing a $15 million share repurchase ahead of schedule, Anika maintains financial flexibility while returning capital to shareholders.
Looking ahead, the 2025 guidance presents a mixed picture. While the Commercial Channel is expected to grow 12-18%, the OEM Channel faces continued pressure with projected declines of 12-18%. Most concerning is the reduced adjusted EBITDA margin guidance to 8-10% from previous low double-digits, suggesting near-term profitability headwinds as the company invests in growth initiatives. This strategic realignment positions Anika for potentially stronger long-term returns despite short-term margin pressure.
Key pipeline developments for Hyalofast, Cingal, and Integrity support future growth trajectories, with US Hyalofast launch anticipated by 2026 after the final PMA module submission expected in H2 2025. The international OA Pain Management business continues to be a bright spot with 22% Q4 growth and 16% full-year growth, providing geographic diversification.
Anika's clinical and regulatory progress represents significant value-building activity beyond the financials. The company achieved three critical milestones that strengthen its competitive positioning in the orthopedic space. First, filing the second PMA module for Hyalofast marks substantial progress toward US commercialization of this cartilage repair scaffold already successful in 35+ international markets. The projected 2026 US launch timeline appears reasonable with the final clinical module submission on track for H2 2025.
Second, Anika's advancement of Cingal through FDA consultations demonstrates the company's regulatory sophistication. The Type-C meeting to finalize bioequivalence study design represents efficient regulatory strategy, potentially accelerating the path to market for this differentiated OA pain product combining hyaluronic acid and corticosteroid. The concurrent toxicology testing signals comprehensive development planning.
Third, enrolling the first patient in the Integrity Implant System clinical study serves multiple strategic purposes beyond the stated MDR filing requirements. This study will generate real-world evidence important for physician adoption and market penetration. The Integrity system's 40%+ sequential growth for three consecutive quarters without this supporting clinical data suggests significant commercial potential once evidence accumulates.
The company's focus on its hyaluronic acid technology platform through the strategic divestiture of Parcus Medical demonstrates scientific discipline. This allows concentrated R&D investment in a technological core where Anika possesses distinct advantages rather than diffusing resources across disparate platforms. International growth patterns for OA Pain Management products (16% full-year) validate the global applicability of this technology platform and provide confidence in potential US adoption trajectories for pipeline products.
Full Year 2024 results in line with guidance with Commercial Channel revenue up
Strong International OA Pain Management and greater than
Key Regulatory and Clinical milestones achieved for Hyalofast®, Cingal®, and Integrity
Strategic Sale of Parcus Medical complete; resources refocused on programs positioned to generate significantly higher returns
BEDFORD, Mass., March 12, 2025 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (Nasdaq: ANIK), a global leader in the Osteoarthritis ("OA") Pain Management and Regenerative Solutions space focused on early intervention orthopedics, today announced financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Results
Anika announced fourth quarter revenue from continuing operations of
For the full year of 2024, Anika reported total revenue from continuing operations of
Cheryl Blanchard, President and CEO of Anika Therapeutics, commented: "Anika executed on our key goals and financial objectives this quarter. We delivered on our guidance for revenue and profit. Strategically, 2024 was a year of significant progress highlighted by our decision to sharpen our focus to our OA Pain Management and Regenerative Solutions products. We are confident the steps we have taken this year will serve to increase the growth profile of Anika for years to come as we’ve demonstrated with our Commercial Channel growing
I’m pleased to report we achieved greater than
During the quarter, we achieved significant regulatory and clinical milestones to advance our key pipeline programs. In January, we filed the second PMA module for Hyalofast, our single-stage, off-the-shelf, proprietary hyaluronic acid scaffold for cartilage repair, which is already sold in over 35 countries outside the US. We remain on track to file the third and final clinical module in the second half of 2025, with a US launch anticipated by 2026.
Cingal, Anika's fast-acting, long-lasting, non-opioid OA pain injection product, also saw significant advancements. We held a Type-C meeting with the FDA in February to help finalize the bioequivalence bridging study design. We also started final non-clinical toxicology testing during the quarter.
Additionally, in February, we enrolled the first patient in our prospective clinical study for the Integrity Implant System. Not only will this provide the necessary foundation for our planned MDR filing, it will also provide valuable real-world evidence that enhances Integrity’s position in the market, support expanding sales and marketing efforts, and drive further commercial acceleration.
Finally, by the end of the fourth quarter, we had purchased
Financial results presented for the fourth quarter and full year 2024 represent Anika's continuing operations for our go forward HA-focused Regenerative Solutions and OA Pain Management product portfolios.
Fourth Quarter 2024 Continuing Operations Financial Summary (compared to the fourth quarter of 2023)
- Revenue
$30.6 million , increased1% - OEM Channel revenue
$19.7 million , decreased8% - Commercial Channel revenue
$10.9 million , increased25%
- OEM Channel revenue
- Adjusted gross margin1,
58% - Operating Expenses,
$17.8 million - Net loss from continuing operations (
$2.5) million , ($0.17) per share - Adjusted net loss from continuing operations1 (
$0.3) million , ($0.03) per share - Adjusted EBITDA1
$3.6 million - Cash provided by operating activities
$1.6 million - Cash balance
$55.6 million
Full-Year 2024 Continuing Operations Financial Summary (compared to the full-year of 2023)
- Revenue
$119.9 million , decreased1% - OEM Channel revenue
$77.8 million , decreased8% - Commercial Channel revenue
$42.1 million , increased17%
- OEM Channel revenue
- Adjusted gross margin1,
64% - Operating Expenses,
$81.1 million - Net loss from continuing operations (
$8.8) million , ($0.60) per share - Adjusted net income from continuing operations1 2.4 million,
$0.16 per diluted share - Adjusted EBITDA1
$15.5 million - Cash provided by operating activities
$5.4 million
1 See description of non-GAAP financial information contained in this release.
Fiscal 2025 Guidance
In 2024 Anika implemented a re-focused strategy to better align financial and human resources to deliver shareholder value. As such, Anika expects 2025 revenue ranges by segment as follows:
- Commercial Channel of
$47 t o$49.5 million , up12% -18% - OEM Channel towards the lower end of the range of
$64 t o$68.5 million , down12% -18% , as a result of lower forecasts on end user pricing from J&J MedTech
The Company now expects 2025 adjusted EBITDA margin to be 8
Strategic Transactions
On March 7, 2025, Anika announced the sale of Parcus Medical, in accordance with its focus on its core HA products. This move is part of the Company's broader strategy to concentrate resources and capitalize on its most promising growth opportunities.
New Revenue Classifications
Beginning this quarter, Anika now reports under new revenue classifications to provide clearer insights into its value drivers. The Commercial Channel includes highly differentiated products sold globally through commercial leaders, direct sales representatives, and independent distributors. The OEM Channel is comprised of high-margin, cash-generative products developed and manufactured for OEM partners under long-term agreements.
Discontinued Operations
Arthrosurface and Parcus Medical are now reported in discontinued operations. Each of these business’s results have been moved into Discontinued Operations for Anika’s income statement presentation, and the year-end balance sheet reflects the associated assets and liabilities as held for sale.
The sale of Arthrosurface, as previously communicated, was completed on October 31, 2024, and the majority of the transition services related work to transfer the business to the new acquiror is complete as of March 2025. The sale of Parcus Medical was completed on March 7, 2025, and Anika expects to complete the majority the key transition-related support activities before year-end to ensure a smooth transfer of ownership to the acquiror and support key customers through the transaction.
Conference Call and Webcast Information
Anika’s management will hold a conference call and webcast to discuss its financial results and business highlights today, Wednesday, March 12, 2025, at 5:00 pm ET. The conference call can be accessed by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) and providing the conference ID number 89368. A live audio webcast will be available in the Investor Relations section of Anika’s website, www.anika.com. A slide presentation with highlights from the conference call will be available in the Investor Relations section of the Anika website. A replay of the webcast will be available on Anika’s website approximately two hours after the completion of the event.
About Anika
Anika Therapeutics, Inc. (NASDAQ: ANIK), is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care. Leveraging our core expertise in hyaluronic acid and implant solutions, we partner with clinicians to provide minimally invasive products that restore active living for people around the world. Our focus is on high opportunity spaces within orthopedics, including Osteoarthritis Pain Management and Regenerative Solutions, and our products are efficiently delivered in key sites of care, including ambulatory surgery centers. Anika’s global operations are headquartered outside of Boston, Massachusetts. For more information about Anika, please visit www.anika.com.
ANIKA, ANIKA THERAPEUTICS, CINGAL, HYALOFAST, INTEGRITY, MONOVISC, ORTHOVISC, and the Anika logo are trademarks of Anika Therapeutics, Inc. or its subsidiaries or are licensed to Anika Therapeutics, Inc. for its use.
Non-GAAP Financial Information1
Non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company’s reported financial results prepared in accordance with GAAP. Furthermore, the Company’s definition of non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, Anika strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. The Company presents these non-GAAP financial measures because it uses them as supplemental measures in internally assessing the Company’s operating performance, and, in the case of Adjusted EBITDA, it is set as a key performance metric to determine executive compensation. The Company also recognizes that these non-GAAP measures are commonly used in determining business performance more broadly and believes that they are helpful to investors, securities analysts, and other interested parties as a measure of comparative operating performance from period to period.
Adjusted Gross Margin
Adjusted gross margin is defined by the Company as adjusted gross profit divided by total revenue. The Company defines adjusted gross profit as GAAP gross profit excluding amortization of certain acquired assets and non-cash product rationalization charges.
Adjusted EBITDA
Adjusted EBITDA is defined by the Company as GAAP net income (loss) from continuing operations excluding depreciation and amortization, interest and other income (expense), income taxes, stock-based compensation expense, acquisition related expenses, non-cash charges related to goodwill impairment, non-cash product rationalization charges, severance costs and shareholder activism costs.
Adjusted Net Income (Loss) from operations and Adjusted EPS from continuing operations
Adjusted net income (loss) is defined by the Company as GAAP net income from continuing operations excluding acquisition related expenses, inclusive of the impact of purchase accounting, on a tax effected basis, non-cash charges related to goodwill impairment, non-cash product rationalization charges, stock-based compensation and charges related to discontinuation of a software project. Adjusted diluted EPS from continuing operations is defined by the Company as GAAP diluted EPS from continuing operations excluding acquisition related expenses and the impact of purchase accounting, each on a tax-adjusted per share basis, non-cash product rationalization charges, stock-based compensation, severance costs and shareholder activism costs. Beginning in the first quarter of 2024, adjusted net income (loss) and adjusted EPS were revised to exclude stock-based compensation, net of tax, and this revised calculation is reflected for all periods presented.
A reconciliation of adjusted gross profit to gross profit (and the associated adjusted gross margin calculation), adjusted EBITDA to net income (loss), adjusted net income (loss) from continuing operations to net income (loss) from continuing operations and adjusted diluted EPS from continuing operations to diluted EPS from continuing operations, the most directly comparable financial measures calculated and presented in accordance with GAAP, is shown in the tables at the end of this release.
Forward-Looking Statements
This press release may contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning the Company's expectations, anticipations, intentions, beliefs or strategies regarding the future which are not statements of historical fact, including statements in Dr. Blanchard’s quote about the potential growth opportunity of the Company, the timing and potential success of the regulatory pathway and launch of Hyalofast in the US, and the future plans with respect to regulatory filings and growth of the Integrity Implant System, and in the section titled “Fiscal 2025 Guidance”. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks, uncertainties, and other factors. The Company's actual results could differ materially from any anticipated future results, performance, or achievements described in the forward-looking statements as a result of a number of factors including, but not limited to, (i) the Company's ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all; (ii) the Company's ability to obtain pre-clinical or clinical data to support domestic and international pre-market approval applications, 510(k) applications, or new drug applications, or to timely file and receive FDA or other regulatory approvals or clearances of its products; (iii) that such approvals will not be obtained in a timely manner or without the need for additional clinical trials, other testing or regulatory submissions, as applicable; (iv) the Company's research and product development efforts and their relative success, including whether we have any meaningful sales of any new products resulting from such efforts; (v) the cost effectiveness and efficiency of the Company's clinical studies, manufacturing operations, and production planning; (vi) the strength of the economies in which the Company operates or will be operating, as well as the political stability of any of those geographic areas; (vii) future determinations by the Company to allocate resources to products and in directions not presently contemplated; (viii) the Company's ability to successfully commercialize its products, in the US and abroad; (ix) the Company's ability to provide an adequate and timely supply of its products to its customers; and (x) the Company's ability to achieve its growth targets. Additional factors and risks are described in the Company's periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC's website at www.sec.gov. Forward-looking statements are made based on information available to the Company on the date of this press release, and the Company assumes no obligation to update the information contained in this press release.
For Investor Inquiries:
Anika Therapeutics, Inc.
Matt Hall, 781-457-9554
Director, Corporate Development and Investor Relations
investorrelations@anika.com
Anika Therapeutics, Inc. and Subsidiaries | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue | $ | 30,602 | $ | 30,175 | $ | 119,907 | $ | 120,792 | |||||||
Cost of Revenue | 13,477 | 9,503 | 43,909 | 38,260 | |||||||||||
Gross Profit | 17,125 | 20,672 | 75,998 | 82,532 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 6,507 | 5,535 | 25,544 | 21,763 | |||||||||||
Selling, general and administrative | 11,324 | 13,539 | 55,555 | 59,925 | |||||||||||
Total operating expenses | 17,831 | 19,074 | 81,099 | 81,688 | |||||||||||
Loss (income) from operations | (706 | ) | 1,598 | (5,101 | ) | 844 | |||||||||
Interest and other income (expense), net | 744 | 576 | 2,337 | 2,312 | |||||||||||
Income (loss) before income taxes | 38 | 2,174 | (2,764 | ) | 3,156 | ||||||||||
Provision for (benefit from) income taxes | 2,524 | 4,544 | 6,064 | 6,595 | |||||||||||
Loss from continuing operations | (2,486 | ) | (2,370 | ) | (8,828 | ) | (3,439 | ) | |||||||
Loss from discontinued operations, net of tax | (19,379 | ) | (60,630 | ) | (47,557 | ) | (79,228 | ) | |||||||
Net loss | $ | (21,865 | ) | $ | (63,000 | ) | $ | (56,385 | ) | $ | (82,667 | ) | |||
Net income (loss) per share: | |||||||||||||||
Basic | |||||||||||||||
Continuing Operations | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.60 | ) | $ | (0.23 | ) | |||
Discontinued Operations | $ | (1.33 | ) | $ | (4.14 | ) | $ | (3.23 | ) | $ | (5.41 | ) | |||
$ | (1.50 | ) | $ | (4.30 | ) | $ | (3.83 | ) | $ | (5.64 | ) | ||||
Anika Therapeutics, Inc. and Subsidiaries | |||||||
Consolidated Balance Sheets | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
December 31, | December 31, | ||||||
ASSETS | 2024 | 2023 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 55,629 | $ | 68,740 | |||
Accounts receivable, net | 23,594 | 26,360 | |||||
Inventories, net | 23,809 | 24,428 | |||||
Prepaid expenses and other current assets | 5,494 | 7,476 | |||||
Current assets held for sale | 5,126 | 36,305 | |||||
Total current assets | 113,652 | 163,309 | |||||
Property and equipment, net | 38,994 | 37,445 | |||||
Right-of-use assets | 25,685 | 27,554 | |||||
Other long-term assets | 5,656 | 5,725 | |||||
Notes receivable | 5,935 | - | |||||
Deferred tax assets | 1,177 | 1,489 | |||||
Intangible assets, net | 2,490 | 2,576 | |||||
Goodwill | 7,125 | 7,571 | |||||
Non-current assets held for sale | 2,026 | 24,963 | |||||
Total assets | $ | 202,740 | $ | 270,632 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 5,617 | $ | 6,194 | |||
Accrued expenses and other current liabilities | 13,567 | 14,066 | |||||
Current liabilities held for sale | 4,122 | 10,799 | |||||
Total current liabilities | 23,306 | 31,059 | |||||
Other long-term liabilities | 772 | 404 | |||||
Lease liabilities | 24,014 | 25,915 | |||||
Non-current liabilities held for sale | 659 | 989 | |||||
Stockholders’ equity: | |||||||
Common stock, | 144 | 147 | |||||
Additional paid-in-capital | 88,961 | 90,009 | |||||
Accumulated other comprehensive loss | (6,783 | ) | (5,943 | ) | |||
Retained earnings | 71,667 | 128,052 | |||||
Total stockholders’ equity | 153,989 | 212,265 | |||||
Total liabilities and stockholders’ equity | $ | 202,740 | $ | 270,632 | |||
Anika Therapeutics, Inc. and Subsidiaries | ||||||||||||||||
Reconciliation of GAAP Gross Profit to Adjusted Gross Profit | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Gross Profit | $ | 17,125 | $ | 20,672 | $ | 75,998 | $ | 82,532 | ||||||||
Product rationalization related charges | 606 | - | 606 | 748 | ||||||||||||
Adjusted Gross Profit | $ | 17,731 | $ | 20,672 | $ | 76,604 | $ | 83,280 | ||||||||
Unadjusted Gross Margin | 56 | % | 69 | % | 63 | % | 68 | % | ||||||||
Adjusted Gross Margin | 58 | % | 69 | % | 64 | % | 69 | % | ||||||||
Anika Therapeutics, Inc. and Subsidiaries | ||||||||||||||||
Reconciliation of GAAP Net Loss from Continued Operations to Adjusted EBITDA | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net loss from continuing operations | $ | (2,486 | ) | $ | (2,370 | ) | $ | (8,828 | ) | $ | (3,439 | ) | ||||
Interest and other (income) expense, net | (744 | ) | (576 | ) | (2,337 | ) | (2,312 | ) | ||||||||
Provision for income taxes | 2,524 | 4,544 | 6,064 | 6,595 | ||||||||||||
Depreciation and amortization | 1,435 | 1,410 | 5,688 | 5,506 | ||||||||||||
Stock-based compensation | 2,251 | 3,361 | 12,158 | 13,537 | ||||||||||||
Product rationalization | 606 | - | 606 | 748 | ||||||||||||
Costs of shareholder activism | - | - | 2,185 | 3,033 | ||||||||||||
Adjusted EBITDA | $ | 3,586 | $ | 6,369 | $ | 15,536 | $ | 23,668 | ||||||||
Anika Therapeutics, Inc. and Subsidiaries | ||||||||||||||||
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Loss from continuing operations | $ | (2,486 | ) | $ | (2,370 | ) | $ | (8,828 | ) | $ | (3,439 | ) | ||||
Product rationalization, tax effected | 457 | - | 457 | 725 | ||||||||||||
Arbitration settlement, tax effected | - | - | - | - | ||||||||||||
Share-based compensation, tax effected | 1,697 | 3,350 | 9,167 | 13,115 | ||||||||||||
Acquisition related intangible asset amortization, tax effected | - | - | - | - | ||||||||||||
Impairment/writedown of assets, tax effected | - | - | - | - | ||||||||||||
Discontinuation of software development project, tax effected | - | - | - | - | ||||||||||||
Non-recurring professional fees, tax effected | - | - | - | - | ||||||||||||
Severance costs, tax effected | - | - | - | - | ||||||||||||
Costs of shareholder activism, tax effected | - | - | 1,647 | 2,938 | ||||||||||||
Adjusted net (loss) income from continuing operations | $ | (332 | ) | $ | 980 | 2,443 | $ | 13,338 | ||||||||
Note: Beginning in Q1-2024, adjusted net income and adjusted EPS were revised to exclude stock-based compensation expense, net of tax, and this revised calculation is reflected for all periods presented. | ||||||||||||||||
Anika Therapeutics, Inc. and Subsidiaries | ||||||||||||||||
Reconciliation of GAAP Diluted Earnings from Continuing Operations Per Share to Adjusted Diluted Earnings from Continuing Operations Per Share | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Diluted loss from continuing operations per share | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.60 | ) | $ | (0.23 | ) | ||||
Product rationalization, tax effected | 0.03 | - | 0.03 | 0.05 | ||||||||||||
Arbitration settlement, tax effected | - | - | - | - | ||||||||||||
Share-based compensation, tax effected | 0.11 | 0.23 | 0.62 | 0.89 | ||||||||||||
Acquisition related intangible asset amortization, tax effected | - | - | - | - | ||||||||||||
Impairment/writedown of assets, tax effected | - | - | - | - | ||||||||||||
Discontinuation of software development project, tax effected | - | - | - | - | ||||||||||||
Non-recurring professional fees, tax effected | - | - | - | - | ||||||||||||
Severance costs, tax effected | - | - | - | - | ||||||||||||
Costs of shareholder activism, tax effected | - | - | 0.11 | 0.20 | ||||||||||||
Adjusted diluted net (loss) income per share | $ | (0.03 | ) | $ | 0.07 | $ | 0.16 | $ | 0.91 | |||||||
Note: Beginning in Q1-2024, adjusted net income and adjusted EPS were revised to exclude stock-based compensation expense, net of tax, and this revised calculation is reflected for all periods presented. |
Revenue by Product Family and Gross Margin | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||
2024 | % | 2023 | % | 2024 | % | 2023 | % | ||||||||||||||
OEM Channel | $ | 19,669 | 64 | % | $ | 21,414 | 71 | % | $ | 77,770 | 65 | % | $ | 84,645 | 70 | % | |||||
Commercial Channel | 10,933 | 36 | % | 8,761 | 29 | % | 42,137 | 35 | % | 36,147 | 30 | % | |||||||||
$ | 30,602 | 100 | % | $ | 30,175 | 100 | % | $ | 119,907 | 100 | % | $ | 120,792 | 100 | % | ||||||
Gross Profit | $ | 17,125 | $ | 20,672 | $ | 75,998 | $ | 82,532 | |||||||||||||
Gross Margin | 56 | % | 69 | % | 63 | % | 68 | % |
